Guaranty Trust Holding Company Plc (GTCO) has recorded a 3.5 per cent increase in total assets to ₦18.37 trillion in the third quarter of 2026, reflecting continued expansion of its balance sheet despite a slight decline in profit before tax.
The financial services group disclosed this in its unaudited financial results for the nine months ended September 30, 2026, submitted to the Nigerian Exchange Group and the London Stock Exchange.
According to the report, GTCO’s total assets rose from ₦17.76 trillion at the end of December 2025 to ₦18.37 trillion in September 2026, while shareholders’ funds stood at ₦3.5 trillion.
The group recorded a profit before tax of ₦879.9 billion, representing a 2.3 per cent decline from the ₦900.8 billion reported in the corresponding period of 2025.
GTCO attributed its performance to sustained growth across key revenue sources, including interest income, fees and commissions, and trading income, which increased by 5 per cent, 1.4 per cent and 3.1 per cent year-on-year, respectively.
However, the company recognized a fair value loss of ₦87.9 billion during the period, contributing to the moderation in its profit before tax.
Deposits Rise as Loan Portfolio Contracts
GTCO’s deposit liabilities increased by 8.6 per cent, rising from ₦12.87 trillion in December 2025 to ₦13.98 trillion by September 2026.
The growth highlights the group’s expanding deposit base and continued ability to attract funds from customers.
In contrast, its net loan book declined by 4.1 per cent to approximately ₦3 trillion. The group said the reduction reflected its disciplined approach to lending and risk asset creation.
The company also reported that net core earnings increased by 4.4 per cent to ₦1.505 trillion, while funded income accounted for 77.8 per cent of gross earnings.
Profit After Tax Falls to ₦614.6 Billion
Despite growth in total assets and customer deposits, GTCO’s profit after tax declined to ₦614.6 billion from ₦699.6 billion recorded in the corresponding period of 2025.
The group attributed the reduction partly to changes in Companies Income Tax regulations that affected capital allowance reliefs.
Its capital adequacy ratio remained strong at 34.2 per cent at group level, while the banking subsidiary recorded 33.9 per cent, providing a substantial capital buffer.
The group’s cost-to-income ratio stood at 31.2 per cent, while its pre-tax return on average equity and pre-tax return on average assets were 34 per cent and 6.5 per cent, respectively.
Asset Quality Shows Improvement
GTCO also reported improvements in the quality of its loan portfolio.
Stage 3 loans, which indicate credit-impaired facilities under the IFRS 9 accounting framework, fell to 4 per cent at group level from 5 per cent at the end of 2025. At the banking subsidiary level, the figure stood at 3.4 per cent.
The group’s cost of risk also improved to 0.9 per cent from 2.2 per cent, while coverage for credit-impaired loans increased to 130.7 per cent from 106.9 per cent.
Commenting on the results, GTCO Group Chief Executive Officer, Segun Agbaje, said the performance reflected the strength of a business built on scale, efficiency and discipline.
He noted that core earnings continued to grow and the deposit base expanded despite challenging operating conditions and significant fair value losses.
Agbaje added that the group would continue to pursue opportunities to improve returns while maintaining the quality of its assets, strengthening its platforms and adapting to changing customer needs.
GTCO operates across Africa and the United Kingdom, with businesses spanning commercial banking, payments, pension administration and funds management.
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